Chip stocks slumped premarket on Thursday after President Donald Trump's 'Liberation Day' tariffs were announced on trading partners, including China and Taiwan, despite semiconductors being listed among imports exempted from the tariffs.

AI chipmakers Nvidia (NVDA) and Advanced Micro Devices (AMD) fell about 4%, each. In addition, Marvell Technology (MRVL), Broadcom (AVGO) and Qualcomm (QCOM) tumbled about 4%, each.

Trump's tariffs will impact key nations in the semiconductor supply chain, including 34% on China, 32% on Taiwan and 24% on Japan. India was hit with 26% tariffs.

"To any company that objects to our reciprocal tariffs, then you can build your plant here, and we cut the tariffs to zero," Trump said on Wednesday while announcing the tariff plans.

Shares of Micron (MU) slumped around 5% while Taiwan Semiconductor Manufacturing (TSM) declined roughly 4%. GlobalFoundries (GFS), Analog Devices (ADI) and Lattice Semiconductor (LSCC) each fell nearly 3%. Texas Instruments (TXN) slipped about 2% and Intel (INTC) dipped around 1%.

Meanwhile, chip equipment makers: Lam Research (LRCX), Applied Materials (AMAT) and KLA (KLAC) each declined roughly 3%. Dutch company ASML (ASML) fell about 2%, premarket on Thursday.

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